Features

As the name suggests, the Bank of Melbourne No Annual Fee Visa credit card has no annual fee, a low minimum credit limit, a moderate interest rate and a moderate interest-free period.

The card does not have an associated rewards scheme.

The Bank of Melbourne No Annual Fee Visa allows up to three extra additional card holders (16 years or over) at no extra cost.

It also offers a balance transfer deal of 0 per cent interest (although a 1 per cent balance transfer fee applies).

You can use the Bank of Melbourne No Annual Fee Visa to make payWave contactless payments for transactions under $100.

In terms of security, this credit card is protected by 24/7 fraud monitoring. Verified by Visa protects you while shopping online or over the phone.

Pros

No annual fee

Low minimum credit limit

Three free additional cardholders

Cons

No rewards scheme

Missed and late payment fees

Moderate interest rate

Who is it good for?

The Bank of Melbourne No Annual Fee Visa might be a good option for someone who only uses a credit card occasionally.

Or it might suit a younger person wanting to be able to access a small amount of credit to pay bills, purchase festival tickets or use for shopping.

No annual fee means that the card won’t cost you money keeping the account active for times of need.

And no fees or charges are incurred unless you lose the card and need a replacement, miss a payment or dishonour a payment under the automatic payment plan.

The credit card can be linked to a Bank of Melbourne bank account, to make managing repayments easier.

Minimum repayments for this card are 2 per cent of the closing balance outstanding or $10, whichever is the greater. If the closing balance is less than $10, it must be paid in full.

What RateCity says

If you want a credit card to have on hand that doesn’t cost you anything to keep, this card could meet that need.

The Bank of Melbourne No Annual Fee Visa is a no-frills credit card that doesn’t offer any fringe benefits in terms of rewards or points schemes.

It also doesn’t have much flexibility regarding how it can be used for purchases – unlike other credit cards that come with a mobile wallet facility, such as Apple Pay or Samsung Pay.

The card does have payWave for purchases under $100, but for everything else, you would need to use the card with a pin.

You can access cash advances with this credit card, which have a moderate interest rate attached to this convenience.

This card has phone and internet banking available. And if you’re a Bank of Melbourne customer, you can link your personal bank account to it.

Applying/eligibility

To be eligible for the Bank of Melbourne No Annual Fee Visa, you must be 18 years old and a permanent Australian resident.

You can apply online or in a branch and would need either an Australian driver's license, Medicare card, passport, Australian birth certificate or NSW Photo Card as ID.

You would also need evidence of income, employment and any financial commitments. If you’re an Australian visa holder, you may need to provide foreign tax details.

About Bank of Melbourne

The Bank of Melbourne was established in 1989. It was later acquired by the Westpac Banking Corporation in 1997. The bank has over 100 branches spread around Victoria, with its headquarters and call centre located in Melbourne's CBD. The Bank of Melbourne invests in the local economy and supports the community through initiatives like the Bank of Melbourne Neighbourhood Fund. The Bank of Melbourne is a partner of the Melbourne Food and Wine Festival, Arts Centre, MCG and Yarra Trams.

Compare your product with the big 4 banks, or add more products to compare

This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. The search results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.